瑞银：中国AI性价比优势将向应用、算力层全面传导，低费率云计算ETF华夏（516630）近5日吸金1.69亿元

Group 1 - The A-share major indices opened lower on January 15, with the AI sector leading the decline, particularly the cloud computing ETF Huaxia (516630) which fell over 2.5% [1] - Despite the decline in the cloud computing ETF, it saw a net inflow of 169 million yuan over the past five days, indicating active capital accumulation [1] - The Huaxia Growth Enterprise Market AI ETF (159381) has attracted over 170 million yuan in subscriptions over three consecutive days, reflecting strong investor interest [1] Group 2 - UBS analyst Xiong Wei stated at the 26th UBS Greater China Conference that the Chinese AI industry does not exhibit a U.S.-style bubble and is poised for systematic opportunities through three main lines: model export, application explosion, and computing power substitution [1] - By 2025, the cost-performance advantage of Chinese AI, led by DeepSeek, will become the core logic for global capital to reprice Chinese tech assets [1] - This advantage is expected to fully transmit from the model layer to the application and computing power layers by 2026 [1] Group 3 - The Huaxia Cloud Computing ETF (516630) tracks the cloud computing index (930851) with a focus on domestic AI hardware and software, where computer software, cloud services, and computer equipment account for 83.7% of the total weight [2] - The Huaxia Growth Enterprise Market AI ETF (159381) is designed to invest in AI-focused companies, with half of its weight in AI hardware and the other half in AI software applications, providing high elasticity and representation [2] - The comprehensive fee rate for the Huaxia Growth Enterprise Market AI ETF is currently only 0.20%, making it the lowest among its peers [2]